PHINMA Education Holdings Inc., a subsidiary of PHINMA Corp., confirmed the second closing of its acquisition of St. Jude College Dasmariñas Cavite, Inc. on Tuesday, 7 January.
This follows the completion of the acquisition of land, buildings, and the settlement of debts, in accordance with the terms outlined in the share and asset purchase agreement.
On 6 December, PHINMA had disclosed that PHINMA Education had signed an agreement to acquire controlling shares in St. Jude College for P85 million. The deal also included the purchase of additional shares, the acquisition of campus property, and the assumption of debt, totaling P344 million. The first closing of the transaction was completed on the same day with the transfer of the controlling shares and payment for the shares.
As a 66.41 percent-owned subsidiary of PHINMA, PHINMA Education is part of the conglomerate’s broader strategy of expanding its investments in the education sector, further strengthening its portfolio of educational institutions across the Philippines. This acquisition marks a significant step in PHINMA Education’s growth and consolidation in the local education market.
